SOFR Advance definition

SOFR Advance means each Advance bearing interest at a rate based upon the Adjusted Term SOFR Rate.

SOFR Advance means a Revolving Advance that bears interest at a rate based on Daily Simple SOFR or Term SOFR (other than a Base Rate Advance bearing interest at a rate based on Term SOFR).

SOFR Advance means an Advance that bears interest as provided in Section 2.4(ii).

Examples of SOFR Advance in a sentence

• If any action is required to be taken pursuant to any Loan Document on or by a specified date that is not a Banking Day, the action is valid if taken on or by the next Banking Day, except that in the case of a payment in respect of a LIBOR SOFR Advance, if the next Banking Day is in a different calendar month then the payment shall be made on the preceding Banking Day.

• Notwithstanding the immediately preceding sentence, upon the expiry of the LIBOR Interest Period applicable to any LIBOR SOFR Advance, the principal amount and any overdue interest with respect to that LIBOR SOFR Advance shall bear interest calculated at the rates applicable to Base Rate Advances.

• Upon the Borrower's receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any pending request for a SOFR Advance of, conversion to or continuation of SOFR Advances to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request into a request for an Advance of or conversion to Base Rate Advances.

More Definitions of SOFR Advance

SOFR Advance means a Term SOFR Advance and/or a Daily Simple SOFR Advance, as the context may require.

SOFR Advance or “SOFR Loan” means an Advance or Loan which, except as otherwise provided in Section 2.11, bears interest based on Term SOFR. SOFR Advances and SOFR Loans shall be denominated in Dollars.

SOFR Advance means a Series 2023-2 Class A-1 Advance that bears interest at the Term SOFR Rate during such time as it bears interest at such rate, as provided herein.

SOFR Advance means an Advance in USDollars to which a rate based on Adjusted Term SOFR is applicable.

SOFR Advance means an Advance which bears interest at a SOFR Rate requested by the Borrower pursuant to Section 2.02.

SOFR Advance means any Advance bearing interest at rates based upon Adjusted Term SOFR (other than pursuant to clause (c) of the definition of “Base Rate”).

SOFR Advance means each portion of a Revolving Loan that bears interest at a rate determined by reference to Term SOFR (other than pursuant to clause (c) of the definition of "Adjusted Base Rate").